DESPITE the steadfast growth of the global remittance industry, which is now estimated to be worth over $610bn per year, the cost of sending money to Africa and within Africa remains higher than anywhere else in the world. Funds transferred by migrants to their home countries still represent significant financial inflows for many nations, particularly within sub-Saharan Africa.According to global industry bodies the driving impetus for this ever growing industry is the growing globalisation trend, which continues to accelerate economic growth owing to the increase of international migrant populations in many developed countries.The Remittance Prices Worldwide (RPW), World Bank-sponsored database monitors remittance prices globally across 300 corridors, and according to the World Bank is used as reference in measuring the progress made in attaining reductions in remittance prices.Hello Paisa, a low cost international remittance provider that forms part of the Hello Group of companies...
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